Chilled food distributor NFT Distribution Holdings, which is part of the EV Cargo group, is looking for a buyer after reporting losses of over £30m.

NFT Distribution Holdings, which employs 1,900 staff and counts Sainsbury’s as one of its major customers, was acquired from private equity firm Phoenix Equity Partners by what was then Emerge Vest in 2014 in a deal valuing the company at £60m.

The move emerged just days after joint MD Mel Brockhouse resigned from the company.

Brockhouse and Aaron Scott were promoted to joint MDs at NFT in January last year to replace chief executive Ross Eggleton who left NFT to become a senior advisor at its Hong Kong-based parent company EV Cargo. Brockhouse had responsibility for operations across the NFT group.

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The company called in PriceWaterhouseCoopers late last year to help it find a buyer after the company posted its latest results for the 18 months to 29 September 2018 which revealed that whilst turnover had risen to £333.9m pre-tax losses plunged to £30.8m.
Restated figures for the 12 months to 31 March 2017 showed that NFT made a pre-tax loss of £14.1m on turnover of £202.2m.

 

In a statement, a spokesman for NFT said: "Over the last few months NFT has undertaken a strategic review of its business with a view to addressing some operational challenges and repositioning for the future."

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